G7 loan for Ukraine: U.S. allocating $20B

U.S. Treasury Secretary Janet Yellen said this on Wednesday during a meeting in Washington with the head of the Ministry of Finance of Ukraine Sergii Marchenko, Ukrinform's own correspondent reports.

"The United States will join the G7 to provide a $20 billion loan to Ukraine that will be repaid by proceeds derived from Russia’s own assets. This means that as we look ahead, Russia will increasingly be forced to bear the costs of its illegal war, instead of taxpayers in the U.S. and Eure," Yellen said.  

Read also: EU finally approves EUR 35B macro-financial loan for Ukraine

President Vodymyr Zelensky announced the US decision to provide Ukraine with $20 billion from frozen Russian assets in an evening video address to the nation.

"There is now important news from the United States: America has decided to provide $20 billion. These are funds secured by frozen Russian assets. Part of the G7 decision on $50 billion for Ukraine is for our defense, for our stability. This is what will really sustain us. And it is important to implement it already this year. I thank the United States, I thank the entire Group of Seven," the head of state said.

As reported, yesterday the Eurean Parliament adted a corresponding decision to allocate EUR 35 billion of credit assistance to Ukraine as part of a total loan program of $50 billion initiated by the Group of Seven countries. The loan mechanism accompanying this decision stipulates that all loan repayment and servicing payments will be made at the expense of proceeds from the assets of the Russian Central Bank frozen in the EU.

On October 23, the EU Council finally approved, under a written procedure, a macro-financial loan of 35 billion euros to Ukraine, which will be paid and serviced from the extraordinary proceeds of Russian assets frozen in the EU.